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Should I file bankruptcy to save my home... will it save my home from foreclosure?
I lost my job, after 12 years, having medical problems. I have yet to be able to claim unemployment benefits, and to the advice of my cardiologist, have filed for disability. My monthly house payment is $690, with a fixed interest rate of 5.75%. I have fallen behind in my mortgage, due to loss of income. My mortgage holder will not refinance or work with me. My loan was originally for 10 years at a fixed rate, and i should only have about 6 yrs left on my mortgage, with the loss of my job, and income, i cannot afford to make the payments as I use to. I made a full monthly payment just yesterday, and the bank manager called me and told me they would not accept my payment and to come back and get my money. I am in the process of converting from a chapter 13 bankruptcy to a chapter 7, by advice of my attorney due to the loss of my job and income. I am sure i will qualify for disability benefits of over $1000/month in addition to $625/month in child support income. I just can no longer make a payment of $690/month, and really need some help.
1. the ability to prove to a judge that you have impending income/disability/child support monies. The courts workout a financial plan to offset a lender's ability to foreclosure.
A chapter 7 only puts you in a position to lose your house and to wipe clean the debt of the mortgage. If you truly want to keep your house - Chapter 13 is the only option. Your bankruptcy attorney should also file a plea bargain during the Chapter 13 process to avoid your lender from filing for a relief of stay which if allowed by the court system would allow them to proceed with a foreclosure. Review Chapter 13 very carefully. It also affords you up to (5) years to pay out a plan and some time to play catch up on mortgage payments you have missed.